Joseph Muscat, the Prime Minister of Malta, announced on Sunday that every rental contract in Malta would be drawn upon blockchain. He announced on the radio,
“Every rent contract in Malta will be registered. The system we will be using to register the contracts is blockchain – distributed ledger technology,” Muscat said.
The prime minister made the announcement to ensure the security of contracts. Blockchain contracts are stored on a distributed ledger protocol. Hence, it is difficult to cause changes on the blockchain without the authorization and validation of some or several parties involved in the process and outlined by the code. He said,
“We will now be showing people the added value of this technology through applying it to something which they will use in their daily lives. Such a contract cannot be tampered with and only those authorized will be able to access it. This shows how the digital transformation will affect their lives.”
The proposal is in the final stages of approval in the parliament. Reportedly, since Friday, the bill has received 250 reactions from the construction and building community. Prime Minister, Muscat noted that their opinions would be taken into consideration before the finalization. However, is the primary target was to protect the evasion of tax laws and ensure public security. He said,
“…I am sure [the new laws] will be for the best of the people. Some will be in favour, some will be against, and those against will probably be so because they will have more responsibility to deal with.”
Malta is the home to one of the largest Exchanges in the market, Binance. While it provides a highly favorable environment for financial innovation and growth, the Prime Minister is focused on improving the socio-economic conditions of the nations entirely.
As reported on Coingape earlier, the Government is also looking towards stablecoin implementation in the banking system to avoid volatility and increase efficiency. The Chinese and Singapore Government are also working towards implementing the blockchain chain technology in recordkeeping and other public service programs.